Gold rejected from yellow area
The bull must admit the dominance of the bear today as the price leave $1,200 – $1,220 area. The rejection from $1,200 – $1,220 area might be the sign for bearish continuation. However, it is still possible for the bull to cancel the rejection. If gold could close above $1,200 by the end of the day then it is possible for the bull to stage another rally to test $1,220.
Today critical level to watch:
Support: $1,200, $1,160
Resistance: $1,210, $1,220
Silver fresh low
Breakout happens after the third test on $14.40 and silver print fresh low below the level. Traders might want to step away from the precious metal for a while until new floor formed. Shorting near $14.40 might become a choice when the price return near it.
Today critical level to watch:
Support: $14.00
Resistance: $14.40, $15.00
Crude oil punched through $70.00
Crude oil defies the gravity and punched a hole above $70.00. The price could continue moving upside and using $70.00 as a base to move upside. Traders could start looking for a long position near $70.00 when retest happen. Extension 1 and extension 2 level is the upside target.
Today critical level to watch:
Support: $70.00, $67.20, $65.78, $65.00
Resistance: $72.50